Key benchmark indices were trading higher in early trade. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 149.90 points or 0.43% at 34,624.28. The Nifty 50 index was up 43.50 points or 0.42% at 10,391.55.
The market breadth, indicating the overall health of the market, was positive. On BSE, 782 shares rose and 432 shares fell. A total of 38 shares were unchanged.
Investors sentiment improved after the International Monetary Fund (IMF) retained its India growth forecast for the current year and marginally pared it for next fiscal, citing the drag from higher crude prices and tightening of the global financial situation. But it will remain the fastest-growing major economy, well ahead of China, it said.
In its latest World Economic Outlook, the IMF said India will grow 7.3% in FY19 and 7.4% in FY20. It had in January forecast FY20 growth at 7.5%. China is forecast to grow 6.6% and 6.2% in 2018 and 2019, respectively. The Indian economy grew 6.7% in FY18.
Overseas, most Asian shares declined on Tuesday as China allowed its currency to slip past a psychological bulwark amid sharp losses in domestic share markets, a shift that pressured other emerging currencies to depreciate to stay competitive. South Korea's markets are closed for a public holiday.
In US, the Dow Jones Industrial Average bounced back from earlier losses to finish higher Monday, but the broader stock market closed lower as fears over rapidly rising rates continued to weigh on sentiment. The market was influenced by worries that US economic growth may be jeopardized by higher interest rates.
Back home, Tata Motors was down 4.63%. Jaguar Land Rover (JLR) reported total retail sales of 57,114 vehicles in September 2018, down 12.3% year on year despite strong sales for new models including the Range Rover Velar and the Jaguar I-PACE and E-PACE. The announcement was made after market hours yesterday, 8 October 2018.
NBCC (India) was up 1.10%. The company said that Real Estate Development & Construction Corporation of Rajasthan (REDCCOR - 50-50% joint venture company of Government of Rajasthan and NBCC (India)) has executed an MoU with Government of Rajasthan on 4 October 2018 for redevelopment of old MREC campus at Gandhi Nagar, Jaipur, Rajasthan amounting to approximately Rs 250 crore. The project will be executed by NBCC (India) as PMC agency vide development agreement dated 24 February 2016 with REDCCOR. The announcement was made after market hours yesterday, 8 October 2018.
Britannia Industries was up 1.50%. The company announced that the board of directors at its meeting held on 7 October 2018 has considered and approved the scheme of arrangement of Britannia Industries and their respective shareholders (hereinafter referred to as the "scheme"), for issue of secured, non-convertible, redeemable, fully paid-up debentures by way of bonus ("debentures") to the members of the company as on the record date (to be fixed by the board of directors) out of the accumulated profits lying to the credit of profit & loss account. The announcement was made after market hours yesterday, 8 October 2018.
Coal India (up 1.05%) and NLC India (up 2.63%) have signed a memorandum of understanding (MoU) for formation of joint venture (JV) company for solar power generation of 3,000 MW and thermal power projects of 2,000 MW capacity. The announcement was made after market hours yesterday, 8 October 2018.
Sadbhav Infrastructure Project was up 2.80%. The company informed that its subsidiary, Nagpur Seoni Express Way (NSEL), has won an arbitration award against NHAI of Rs 61.25 crore (including interest upto the date of award of Rs 18.64 crore). From the date of award till final payment, NSEL shall receive interest at the rate of 12% per annum. Additionally, NSEL will also get 19 semi annual annuity amount of Rs 21.79 crore instead of Rs 19.198 crore presently paid by NHAI making total award amount of Rs 110.50 crore. The announcement was made after market hours yesterday, 8 October 2018.
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